USDJPY top-down analysis

2020年5月21日

on DAILY: price is sitting around a strong support/resistance zone in red so we will be looking for objective sell setups on lower timeframes.

on H1: price is overall bullish making higher highs and higher lows so we are overall bullish.

However, price is sitting around resistance and we have a bearish divergence on MACD.

Moreover, price is trading inside a wedge pattern in orange, so we are waiting for an objective break below our lower orange trendline to sell this one.

meanwhile, USDJPY would be overall bullish.